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Workers’ remittances surged by 33.6% to $14.8 billion over the first five months of the current fiscal year, according to the latest data from the State Bank of Pakistan (SBP) released on Monday.
According to an APP report, remittances totaled $14.8 billion from July to November 2024-25, compared to $11.1 billion received in the same timeframe of 2023-24.
On a year-on-year basis, remittances in November 2024 reached $2.9 billion, reflecting a 29.1% increase compared to the same month last year.
The inflows for November 2024 were primarily from Saudi Arabia ($729.2 million), the United Arab Emirates ($619.4 million), the United Kingdom ($409.9 million), and the United States ($288.2 million).
Earlier, remittances from overseas Pakistanis reached an inflow of $2.8 billion in September 2024. This marks a 3% month-on-month (MoM) decrease from August’s inflow of $2.943 billion, according to the State Bank of Pakistan (SBP).
In the first quarter of FY25, remittances grew nearly 39% year-on-year (YoY), totaling $8.8 billion compared to $6.3 billion in 3MFY24. Experts attribute this increase to a stable PKR exchange rate, a reduced gap between open and inter-bank rates, and a rise in overseas employment.
Saudi Arabia was the largest source of remittances in September 2024, with Pakistani expatriates sending $681.3 million, 4% lower than in August but up 27% YoY from $538.3 million.
